花旗集团美股招股说明书(2026-03-23版)

The information in this preliminary pricing supplement is not complete and may be changed. A registration statementrelating to these securities has been filed with the Securities and Exchange Commission. This preliminary pricingsupplement and the accompanying product supplement, prospectus supplement and prospectus are not an offer to sellthese securities, nor are they soliciting an offer to buy these securities, in any state where the offer or sale is notpermitted.SUBJECT TO COMPLETION, DATED MARCH 23, 2026Citigroup Global Markets HoldingsMarch, 2026 Medium-Term Senior Notes, Series NPricing Supplement No. 2026-USNCH[ ]Filed Pursuant to Rule 424(b)(2)Registration Statement Nos. 333-293732 and 333-293732-02, 2030 Inc. Contingent Income Auto-Callable Securities Due MarchBased on the Performance of the Common Stock of Micron Technology, Inc. Principal at Risk SecuritiesOverview ▪ The securities offered by this pricing supplement are unsecured debt securities issued by Citigroup Global Markets Holdings Inc. and guaranteed by Citigroup Inc. The securities offer the potential for quarterly contingent couponpayments at an annualized rate that, if all are paid, would produce a yield that is generally higher than the yield on ourconventional debt securities of the same maturity. In exchange for this higher potential yield, you must be willing toaccept the risks that (i) your actual yield may be lower than the yield on our conventional debt securities of the samematurity because you may not receive one or more, or any, contingent coupon payments; (ii) your actual yield may benegative because your payment at maturity may be significantly less than the stated principal amount of your securities,and possibly zero; and (iii) the securities may be automatically redeemed prior to maturity beginning approximately threemonths after the issue date. Each of these risks will depend on the performance of the shares of common stock ofMicron Technology, Inc. (the “underlying shares”), as described below. Although you will be exposed to downside riskwith respect to the underlying shares, you will not participate in any appreciation of the underlying shares or receive anydividends paid on the underlying shares.▪ Investors in the securities must be willing to accept (i) an investment that may have limited or no liquidity and (ii) the risk of not receiving any payments due under the securities if we and Citigroup Inc. default on our obligations.All paymentson the securities are subject to the credit risk of Citigroup Global Markets Holdings Inc. and Citigroup Inc.KEY TERMS If, on any potential redemption date, the closing price of the underlying shares on that date isgreater than or equal to the initial share price, each security you then hold will be automaticallyredeemed on the related contingent coupon payment date for an amount in cash equal to theearly redemption payment. If the securities are redeemed, no further payments will be made.The stated principal amount of $1,000 per securityplusthe related contingent coupon payment(including any previously unpaid quarterly contingent coupon payments)If the securities are not automatically redeemed prior to maturity, for each $1,000 stated Early redemptionpayment:Payment at maturity: principal amount security you hold at maturity, you will receive cash in an amount determinedas follows:If the final share price isgreater than or equal tothe downside threshold price: $1,000 + the contingent coupon payment due at maturity (including any previously unpaidquarterly contingent coupon payments)If the final share price isless thanthe downside threshold price: $1,000 + [$1,000 × thebuffer rate × (the share return + the buffer amount)] (1) Citigroup Global Markets Holdings Inc. currently expects that the estimated value of the securities on the pricing datewill be at least $904.50 per security, which will be less than the issue price. The estimated value of the securities is basedon CGMI’s proprietary pricing models and our internal funding rate. It is not an indication of actual profit to CGMI or otherof our affiliates, nor is it an indication of the price, if any, at which CGMI or any other person may be willing to buy thesecurities from you at any time after issuance. See “Valuation of the Securities” in this pricing supplement.(2) CGMI, an affiliate of Citigroup Global Markets Holdings Inc. and the underwriter of the sale of the securities, is acting as principal and will receive an underwriting fee of $25.00 for each $1,000.00 security sold in this offering. Certainselected dealers, including Morgan Stanley Wealth Management, and their financial advisors will collectively receive fromCGMI a fixed selling concession of $20.00 for each $1,000.00 security they sell. Additionally, it is possible that CGMI andits affiliates may profit from expected hedging activity related to this offering, even if the value of the securities declines.See “Use of Proceeds and Hedging” in the accom